Humic Acid Market Growth 2022-2028: Growing Application of Humic Acid in Agriculture Sector Is a Key Growth Driving Factor
Humic Acid Market size was USD 707.5 million in 2020 and is expected to register a steady revenue CAGR of 5.9% during the forecast period. Market revenue growth is significantly driven by factors including rising global population, growing demand for nutritious food, increasing agricultural activities worldwide, and rapid shift from conventional fertilizers and pesticides to natural or organic ones. Stringent government regulations against the use of chemical fertilizers owing to their toxic health and environmental impacts have led to increased use of humic acid in farming. Hence, this is another major factor driving market growth.
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Agricultural centers across the globe have been experimenting on the effect of humic acid on plants. According to available literature, the ability of soil to plant root growth does not depends only on the concentration of nutrients but also on its organic matter content, depth, texture, acidity and water-retention capacity. Based on results, humates have been found to influence crop yields by improving soil texture, water retention and nutrient buffering capacity
Europe is expected to grow at a CAGR of 6.4% in the forecast period. A number of crops and fruits & vegetables, which have been experimented for measuring the effect of humic acid, are grown on a large scale in Europe. Some of these include grapes, pears, tomatoes, potatoes, wheat and maize. Application of humic acid across these crops is expected to enhance the root-shoot growth and promote microbial activity. Along with this, humates are also responsible for improving the water-retention capacity and absorption of nutrients by plants. Based on experiments, treatment of humic acid on grapevines led to an increase in plant growth and nitrogen and chlorophyll content in leaves (measured using SPAD values). Along with this, the size of the grapes also increased thereby implying an increase in total yield.
The global pharma & healthcare market report points out the key trends and developments taking place in this business space in the ongoing COVID-19 times. According to market experts, the pandemic has turned this industry upside down, with an unprecedented rise in demand and acute supply shortage. The report clearly depicts the current global economic landscape and the considerable situation of the healthcare industry. A substantial increase in demand for healthcare services worldwide, rising cases of the SARS-CoV-2 infection, increasing pharmaceutical research & development activities, and new drug pipelines are among the key factors that have driven the global pharma & healthcare industry growth in the recent past. Growing acceptance of telehealth and telemedicine services, rise in government initiatives for COVID-19 vaccine development, and escalating demand for advanced point-of-care diagnostics and home healthcare products have further bolstered the industry growth.
The leading companies in the global Humic Acid market:
Nutri-Tech Solutions, Humintech GmbH, Humic Growth Solutions, Omnia Specialities, Canadian Humalite International, Grow More, AMCOl International, Jiloca International S.A., Wilbur-Ellis Company, Nature's Lawn & Garden, Saint Humic Acid, Faust Bio-Agricultural Services, Black Earth, Sikko Industries, Grow More, and WinField Solutions.
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Further key findings from the report suggest
- Pharmaceutical segment is projected to be one of the fastest growing applications of the Humic Acid. It is anticipated to grow at a CAGR of 5.7% in the forecast period. Humates which are formed from peat have been used for the treatment of gastric, intestinal and hepatic diseases. Humic acid is generally used for musculoskeletal disorders, gynecological problems and skin treatment. Adoption of humic acid in organic farming is expected to play a major role in improving the health of consumers across the globe.
- Europe is projected to grow significantly in the forecast period. Manufacturers of animal feed in Europe are also anticipated to adopt humic acid as an ingredient. Increasing gastrointestinal infections coupled with the growing incidence of zoonotic diseases in the region is likely to lead to an increase in adoption of humic acid. Adoption of humic acid for producing animal feed is expected to ensure an improved utilization of nutrients in animals thereby stabilizing the feces consistency of animals.
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For the purpose of this report, Reports and Data have segmented global Humic Acid market on the basis of type, application and region:
Product Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Powdered Form
- Granular Form
Application Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Animal Feed
Regional Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- North America
- Asia Pacific
- Latin America
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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